Minimum Viable Product (MVP) – Definition

Before kicking off a startup, it is necessary to do some research. As far as the definition goes, startup is supposed to be an innovational enterprise, so our approach to this business should be innovational too. The most important thing is the income, of course. Income is built on customer satisfaction, so it is necessary to know their taste and expectations regarding the product at hand. To recognize customer opinions, it is good to use the MVP.

Most Valuable Player

Yes and no… but in this case, the abbreviation stands for Minimum Viable Product. It is the first prototype of a product that a startup wants to offer to its potential customers. It is characterized only by necessary functional features, which are needed to properly use it. This first phase of product life is dedicated only for the so-called early adopters (who are the first users of the product.) Their task is to test the goods offered by the startup and evaluate them.

This kind of business approach is diametrically different than the classical one. This conventional business style implies the release of the final product with lots of functions, both the basics and all the extras.

Advantages of MVP

There’s no doubt that this kind of business approach gives us some necessary feedback at the first stage of our product’s life. It also gives us a solid base to create the final product that will meet customers’ expectations. All fixes and improvements can be gradually implemented into the project; marketing campaigns or product distribution can be implemented also – step by step.

What are the disadvantages of using MVP, though? Well… There is always a chance that the early-adopters will be a group of people so specific that it will be impossible to satisfy them with any, even the most distinguished, features. However, all in all, the MVP approach seems to be a reasonable way of running a startup – if not for the fact it’s a little bit risky.